Investment in ultra-fast charging battery company

BP Ventures has invested $20-million in ultra-fast charging battery developer StoreDot. This company’s innovative battery technology is targeting electric vehicle charging in five minutes, and aims to commercialise its flash battery for mobile communication devices as early as 2019. The number of electric vehicles (EVs) worldwide is growing rapidly, and BP is working across the supply chain to support the development of the technologies and infrastructure required to support that growth. BP believes that ultra-fast charging will be key in accelerating the adoption of EVs worldwide. StoreDot has developed a lithium ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets. Using this technology, it is also developing a new type of electric-car battery that will aim to achieve a charging experience that is comparable to the time spent to refuel a traditional car.